The new Financial Accounting Standards Board (FASB) lease accounting standard, ASC 842, goes into effect January 2019 for public companies with a calendar year end. Is your company ready? The standard changes the accounting guidance for virtually all leases – from real estate to equipment.
To help manufacturers understand the new standard and prepare, Michael Keeler, CEO of LeaseAccelerator, will lead an educational webinar to share the secrets of a successful lease accounting project. Drawing upon lessons learned from over 100 real-world implementations of discrete and process manufacturing companies, Michael will share best practices on achieving day one compliance, including:
- Staffing the project team
- Defining system requirements
- Testing the accounting outputs
He will also discuss long-term strategies for sustaining lease accounting on day two and beyond, including building a leasing center of excellence, redesigning lease management processes, and automating the record-to-report cycle.
Meet the Presenter
What Private Companies Should Know About the New Lease Accounting Standards
The time is now for private companies to start preparing for the new lease accounting standards, ASC 842 and IFRS 16, which take effect starting with fiscal years after December 15, 2019.
For most private companies, implementing the new leasing standards likely will be the biggest projects that controllers and financial accounting teams will tackle in 2019. With most real estate and equipment leases moving onto the balance sheet, corporate leasing programs will undergo much more scrutiny from auditors and board members than ever before. Companies will need to revisit their leasing programs, potentially making significant changes to systems, processes, policies, and controls.
During this Webcast, a panel of lease accounting experts will share best practices and lessons learned from public companies that have already adopted the standards. We will discuss:
- How to budget for, plan, and staff your company’s implementation of the new standards to achieve day-one compliance by the deadline,
- What types of policy elections, practical expedients, and transition accounting strategies most companies are considering,
- How to take an inventory of your leases, and where to find the information your company requires to account for leases, and
- What new systems companies will need to deploy, and how these systems will interact with your general ledger, accounts payable, and fixed asset applications.
With over 80% of U.S. companies leasing some or all their equipment, lease sourcing is a strategic component of capital management, but remains a complicated process. Comparing bids is extremely difficult and the negotiating process can be costly, tedious and time-consuming. As a result, it’s still difficult to ensure that you’re getting the optimal financing rates and contract terms.
Please join LeaseAccelerator for a live educational webinar to learn how procurement sourcing teams are using automation to save 6-12% on their equipment lease programs.
During the webinar, finance and electronic marketplace experts, Ingemar Lanevi and Bob Solomon, will lead a discussion and share real-world case studies on how companies are using a new sourcing technologies and methods to significantly reduce costs and uncover hidden savings.
- Use state-of-the art sourcing technology to streamline proposal and ranking processes
- Generate and distribute RFPs in days not weeks
- Ensure competitive bidding by engaging multiple lessors
- Standardize lease terms and conditions for “apples-to-apples” comparison
About the Presenters
VP Finance & Capital Markets, LeaseAccelerator and former Fortune 500 VP and Corporate Treasurer
CEO, Software Platform Consulting, Inc. and former VP at Ariba
Lease Accounting Panel
Learn the Top Five Lessons from Real World Implementations
Watch the Replay
Top 5 Lessons Learned Webinar
A panel of experts from RGP and LeaseAccelerator will draw upon real world implementations of ASC 842 to discuss:
- Budgeting and Planning – How to estimate the project timeline and budget for implementation
- Leasing Data – How to inventory your leases, abstract the data from leases, and collect additional details from users
- Project Team – Who to involve on the core team and how to get participation from lines of business
- Testing – How to design test plans, select sample leases, and execute test plans to ensure accounting accuracy
- Controls – Which processes, policies, and controls to ensure internal controls over financial reporting
- Project Governance – How to approach communications with the CFO, CEO, and audit committee
Global Head of Technical Accounting
This covers complex topics including:
- Asset retirement obligations
- Lease and non-lease components
- Reassessments, modifications, & remeasurements
- Variable rents
A lease accounting system should track:
- Asset-level detail
- Standalone observable prices
- Business context for payment change
- Changes to end-of-term plans
Finance & Lease Accounting Expert & Vice President
Mark is recognized for his expertise in the new lease accounting standards, ASC 842 and IFRS 16. He has over 30 years of experience in finance and accounting, primarily at various telecommunications firms where he managed extensive corporate real estate portfolios. Mark has held the position of Vice President at Razorsight Communications, XO Communications, and eSpire Communications.
Real Estate Leasing Expert & Solution Consultant
Having run his own lease audit consulting firm for 15 years, Scott is nationally recognized for his expertise in conducting real estate lease audits on behalf of office, retail, and industrial tenants. Scott has over 30 years of experience with real estate programs at companies like CBRE, Deloitte, and JLL, where he held portfolio management, lease consulting, and property controller roles.
Exclusive Customer Webinar – Short-Term Product Roadmap
Wednesday, December 19th
12:00 pm ET | 11:00 am CT | 9:00 am PT
This exclusive customer webinar is focused on providing you with the short-term product roadmap for the releases scheduled between now and year end. During this webinar, Mark Koppersmith, VP, Product Strategy, will provide a status update on the near-term product functionality enhancements between now and the end of the year:
- Gap Analysis overview
- Planned feature/functionality updates for delivery by year-end (12/21 release), including use cases now covered as of the last release
- Improvements scheduled for early 2019
Stick around for the question and answer session at the end of the presentation. We look forward to having you join us!
*This webinar is highly confidential and intended exclusively for our valued LeaseAccelerator customers ONLY. This information is not for distribution to people outside the customer’s organization or other people not directly involved in the use and/or implementation of LeaseAccelerator. Please take care to ensure that this webinar content is treated with the utmost care. Thank you!
Register for the Customer Webinar
Meet the Speakers
VP of Product Strategy
LeaseAccelerator and Genpact share best practices for compliance on day two and beyond on this lease accounting record to report webinar. Learn how to track changes to the lease portfolio, how to integrate financial systems and how to plan for external audits.
The deadline for the new ASC 842 lease accounting standard is fast approaching. Listen to a panel of experts from LeaseAccelerator and RSM discuss how you can jump start your implementation with advice on technical accounting, data collection and software selection.